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Keyword: waronmiddleclass

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  • Family Incomes Fell In March; Now 5% Below Pre-Recession Level

    04/24/2015 12:21:50 PM PDT · by IBD editorial writer · 5 replies
    Investor's Business Daily ^ | 04/23/2015 | John Merline
    Back in January, President Obama was boasting that the economy had finally turned a corner. [snip] The latest income data, however, don't show anything like what Obama was describing.
  • 7 Things the Middle Class Can’t Afford Anymore

    04/01/2015 1:37:45 PM PDT · by SeekAndFind · 38 replies
    Personal Finance Cheat Sheet ^ | 04/01/2015 | Erika Rawes
    During debates and speeches, politicians often bring up the financial burden that’s placed on the middle class. We talk about the middle class as though they are this singular entity, who used to thrive until they underwent persecution by the evil 1%. But, realistically speaking, the middle class and the 99% are not really synonymous. So, who are the middle class? In its discussion of historical middle class societies, The Economist reports, “Their members are neither rich nor poor but somewhere in-between…’Middle-class’ describes an income category but also a set of attitudes…An essential characteristic is the possession of a reasonable...
  • 7 Things the Middle Class Can’t Afford Anymore

    04/01/2015 2:07:23 PM PDT · by entropy12 · 57 replies
    CheatSheet ^ | March 31, 2015 | Erica Rawes
    1. Vacations 2. New vehicles 3. To pay off debt 4. Emergency savings 5. Retirement savings 6. Medical care 7. Dental work
  • Household Wealth Is the Highest Ever; Probably Not Your Household’s, Though...

    03/15/2015 12:53:35 PM PDT · by Diana in Wisconsin · 18 replies
    Money Magazine ^ | March 13, 2015 | Kerri Anne Renzulli
    American households now have a total net worth of $83 trillion, but most families are still behind where they were in 2007. Americans’ total wealth has reached a record. According to a Federal Reserve report released Thursday, the net worth of U.S. households and nonprofit organizations rose to $82.9 trillion at the end of 2014. Much of that growth was driven by stocks, which grew in value by $742 billion during the final quarter of last year. The value of residential real estate also rose by $356 billion. However, these aggregate numbers from the Fed provide only a partial view...
  • In Budget, Obama’s Unfettered Case for Spreading the Wealth

    02/02/2015 10:16:07 AM PST · by Jim Robinson · 13 replies
    NYT ^ | February 2, 2015 | By JULIE HIRSCHFELD DAVIS
    WASHINGTON — President Obama presented a budget on Monday that is more utopian vision than pragmatic blueprint. It proposes a politically improbable reshaping of the tax code and generous new social spending initiatives that would shift resources from the wealthy to the middle class. Absent from the plan is any pretense of trying to address the main drivers of the long-term debt — Social Security and Medicare — a quest that has long divided both parties and ultimately proved impossible. The document instead indicates that Mr. Obama, after years of being hemmed in on his fiscal priorities because of politics...
  • Independent analysis finds Obama´s ´middle-class´ tax cuts won´t help three-quarters of

    02/02/2015 5:15:04 PM PST · by Nachum · 19 replies
    Associated Press ^ | 2/2/2015 | Staff
    President Barack Obama calls his tax and spending plan ´middle-class economics,´ but most middle-income families would see little change in their tax bills. Obama is proposing a total of $1.5 trillion in new taxes over the next decade, mostly on corporations and high-income households. He would use much of that money--nearly $280 billion--to pay for targeted tax breaks for low- and middle-income families. Obama´s proposed tax cuts would benefit households with two wage earners, families with young children in child care and those with older children in college. One proposal would automatically enroll workers in individual retirement accounts, unless they
  • Here's the painstakingly detailed budget of a couple that earns nearly $15,000 a month [after taxes]

    01/26/2015 2:19:15 PM PST · by grundle · 60 replies
    yahoo.com ^ | January 26, 2015 | Libby Kane
    McManus is a mechanical engineer and his wife Mairee is a surgical physician's assistant, as well as the primary earner. He breaks out his budget by week. In 2014, they brought home an average after-tax household income of $14,735 a month. In the chart below, check out their average monthly spending for 2013, 2014, and predicted for 2015. Note that these are averages, so a single month isn't depicted.
  • Middle Class Shrinks Further as More Fall Out Instead of Climbing Up

    01/26/2015 5:24:39 AM PST · by Theoria · 29 replies
    The New York Times ^ | 25 Jan 2015 | DIONNE SEARCEY and ROBERT GEBELOFF
    The middle class that President Obama identified in his State of the Union speech last week as the foundation of the American economy has been shrinking for almost half a century.In the late 1960s, more than half of the households in the United States were squarely in the middle, earning, in today’s dollars, $35,000 to $100,000 a year. Few people noticed or cared as the size of that group began to fall, because the shift was primarily caused by more Americans climbing the economic ladder into upper-income brackets.But since 2000, the middle-class share of households has continued to narrow, the...
  • How the middle class has fragmented under Obama

    01/26/2015 3:49:58 AM PST · by SoFloFreeper · 3 replies
    yahoo finance ^ | 1/20/15 | Rick Newman
    [When] Obama delivered his first State of the Union address in 2009, 53% of Americans considered themselves middle class. Six years later, just 44% of Americans define themselves that way..... The middle class itself, however, has changed notably during the relatively short time Obama has been in office, as the chart below shows. The portion of Americans who consider themselves middle class has dropped (as has the portion considering themselves upper class), while the ranks who call themselves lower class have swelled.
  • Middle Class Shrinks Further as More Fall Out Instead of Climbing Up [Obamanomics]

    01/26/2015 6:17:42 AM PST · by SoFloFreeper · 15 replies
    NY TIMES ^ | 1/25/15 | DIONNE SEARCEY and ROBERT GEBELOFF
    .....it is clear that millions are struggling to hang on to accouterments that most experts consider essential to a middle-class life..... Lisa Land, 49, is one of those who have dropped through the hatch. She gets by on her father’s $1,300 monthly Social Security checks and by having her adult daughter pitch in for groceries. Her circumstances are a stark change from just a few years ago, when she considered herself firmly in the middle class. Despite a relatively modest salary, her pay and other resources went a long way in tiny Eden, N.C., where she worked for 13 years...
  • White House Tells 529 Savers To Go To Community College

    01/23/2015 1:54:27 PM PST · by Nachum · 40 replies
    town hall ^ | 1/23/15 | Conn Carroll
    White House Press Secretary Josh Earnest said Friday that middle-class families concerned about President Obama's plan to raise taxes on their college savings should just send their children to community college. Obama's plan raises taxes on families saving for college by eliminating the tax-free status of money withdrawn from a 529 savings accounts. "I was very surprised by the Obama 529 proposal because in many ways it is anti-middle class for families trying to afford college," SavingforCollege.com founder Joe Hurley told The New York Times. Asked to "square" Obama's State of the Union claim that he wanted to make college...
  • Middle Class: Collateral Damage From Obama Tax Proposal

    01/23/2015 11:32:35 AM PST · by Kaslin · 15 replies
    Townhall.com ^ | January 23, 2015 | Hank Adler
    Let's assume George and Ethel, two teachers, purchased their Southern California home in 1966 for $45,000. Lets also assume that over the next fifty years, the value of the house increased to $1,345,000. Let's also assume that George and Ethel had four children and each of them went to a private four year college and that George and Ethel continued to re-finance their home to put their children through college and take a few cruises. Today, there is a $1,145,000 loan on the house. With pensions and other savings, the now retired teachers manage to pay their mortgage and live...
  • Affordable Care Excise Tax, Part III

    01/23/2015 5:45:27 AM PST · by NaturalBornConservative · 13 replies
    Natural Born Conservative ^ | January 22, 2015 | Larry Walker II
    Paying Your Fair Share:: By: Larry Walker II ::In Tax Simplification, Part II, I expounded on a 2010 Annual Report to Congress, in which National Taxpayer Advocate Nina E. Olson focused on the need for tax reform as the No. 1 priority in tax administration. In particular, she focused on the problem of delivering social benefits through the tax system, which complicates the mission of the Internal Revenue Service (IRS), resulting in a dual mission of welfare administration as well as revenue collection. But instead of taking heed, the federal government doubled down, adding a new health care excise tax...
  • Are 529 plans really just a tax break for the rich?

    01/23/2015 6:44:06 AM PST · by wbill · 31 replies
    Yahoo Finance ^ | Jan 22 | Liz Weston
    LOS ANGELES, Jan 22 (Reuters) - President Barack Obama's proposal this week to roll back tax benefits for so-called 529 plans exposes a fundamental disagreement about who is benefiting from these state-sponsored college savings plans. 529 plans are sponsored by states and run by investment management companies. Withdrawals from the accounts can be used tax-free to pay for qualified education expenses at any college or university in the country, such as tuition, fees and books. Supporters of Obama's proposal point to a 2012 government report showing the plans being used by less than 3 percent of all U.S. families and...
  • Obama's tax plan an assault on economic growth cloaked in populist demagoguery

    01/23/2015 5:57:06 AM PST · by Kaslin · 4 replies
    Fox News.com ^ | January 22, 2015 | Steve Forbes
    The tax plan President Obama unveiled during his State of the Union is an assault on economic growth cloaked in populist demagoguery. It will not help middle class Americans but rather guarantee that their incomes remain stagnant. He wants to divert attention from the fact that his policies of higher taxes, blow-out spending, anti-growth regulations and the costly, chaotic government-created disruption of ObamaCare have caused median incomes to stay below what they were back in 2007. Most Americans are deeply worried that their expenses are rising faster than their incomes.While the economy is showing more signs of life lately, it...
  • White House Proposals on 529 College Plans Would Reduce Benefits

    01/23/2015 1:30:30 AM PST · by Brad from Tennessee · 29 replies
    New York Times ^ | January 22, 2015 | By Sara Siegal Bernard
    President Obama is proposing a radical change to the 529 college savings plans held by millions of families, which would require those who use them to rethink their approach to college savings. As part of his plan to simplify the tax code and help the middle class, one of the 529 plan’s most attractive benefits would be eliminated: Money could no longer be withdrawn tax-free. (The new rules would apply only to new contributions.) The accounts, many of which are run by the states, allow people to make contributions that grow tax-free. The money can be withdrawn without the paying...
  • Now He’s After Middle-Class Savers

    01/22/2015 10:18:13 AM PST · by reaganaut1 · 31 replies
    Wall Street Journal ^ | January 21, 2015
    President Obama is pitching his new tax plan as a way to help the middle class at the expense of the rich. But middle-class savers are bound to notice if he achieves two of the White House’s stated goals—to “roll back” tax benefits of 529 college savings plans and “repeal tax incentives going forward” for Coverdell Education Savings Accounts. Both plans allow parents, grandparents or anyone looking to help fund a kid’s education to contribute after-tax dollars into accounts that grow tax-free. There is also no tax when the money is withdrawn, provided it is used for qualified educational expenses...
  • Governor Sarah Palin Issues Strong Response to President Obama’s State of the Union

    01/21/2015 8:45:12 PM PST · by Bratch · 50 replies
    Conservatives4Palin ^ | January 21 2015 | Sarah Palin via iizthatiiz
    Governor Sarah Palin issued a strong response to Barack Obama’s State of the Union speech: Sarah Palin Politician · 4,499,372 Likes · 18 hrs ·  Despite all the happy talk and rainbow kisses in his second to last State of the Union address, President Obama has utterly failed middle class Americans who are making less and spending more to survive in his economy. And he has no real plan to help them.I’m no special pleader for the super rich. They can take care of themselves, and Barack Obama has been the friend of every crony capitalist on Wall Street attending his $30,000-a-plate fundraisers....
  • Obama spent more for dinner in Hawaii than his SOTU tax credit for families (It figures)

    01/20/2015 3:04:34 PM PST · by Kaslin · 12 replies
    Washington Examiner ^ | January 20, 2015 | Paul Bedard
    Such a deal. Among the highlights of President Obama’s State of the Union address plans to pull the American family out of economic plight is a $500 tax credit for two-earner families.Here’s how the White House presented it in a fact sheet: “Provide a new, simple tax credit to two-earner families. The president will propose a new $500 second earner credit to help cover the additional costs faced by families in which both spouses work — benefiting 24 million couples.”The provision is included in his effort “to help middle class families get ahead.” Like who? Administration officials said families earning...
  • Obama's New State Of The Union Tax Hike On Middle Class 529 College Savers

    01/20/2015 12:00:23 PM PST · by Rusty0604 · 29 replies
    Forbes ^ | 01/19/2015 | Ryan Ellis
    Hoping to dominate the narrative on a holiday weekend and on the eve of the annual “State of the Union” speech, the Obama White House late Saturday night leaked some of the new tax ideas in their upcoming budget. One tax hike in particular was very odd, since it’s aimed almost exclusively at middle class families with kids–the exact demographic the goodies in the tax plan is targeting. The levy in question would increase taxes on college savings accounts known as “529 plans” (after their section in the Internal Revenue Code). By definition, these accounts are really only used by...
  • Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings

    01/19/2015 12:21:35 PM PST · by Nachum · 71 replies
    townhall.com ^ | 1/19/15 | Katie Pavlich
    As the old saying goes, there are two things that are certain in life, death and taxes. Tomorrow night during his 2015 State of the Union speech, President Obama will announce that people paying taxes their entire lives just isn't good enough. The President wants the current 40 percent death tax rate increased to 60 percent. Americans for Tax Reform breaks down the details: 2. Stealth increase in the death tax rate from 40% to nearly 60%. Under current law, when you inherit an asset your basis in the asset is the higher of the fair market value at the...
  • Welcome To The Oligarchy – US Leads The Developed World In Low Wage Jobs

    09/24/2014 5:38:05 AM PDT · by Enlightened1 · 7 replies
    Zero Hedge ^ | 09/24/14 | Tyler Durden
    In an apparent attempt to advise investors on how they can take advantage of America’s transformation into a neo-feudal oligarchy in a 50-page research report, Morgan Stanley has put together some very interesting charts.. We will be sharing many of them in the next few days but none is more telling and depressing than the one that shows how the U.S. leads the developed world in the share of low wage jobs...
  • EPA chief pushes green energy agenda, ignores high electricity costs that result

    09/25/2014 6:46:21 PM PDT · by jazusamo · 11 replies
    The Washington Times ^ | September 25, 2014 | Ben Wolfgang
    Gina McCarthy insists reducing carbon emissions, fighting climate change boost economyGina McCarthy argued Thursday that her home state of Massachusetts is proof you can cut greenhouse gas emissions while fostering economic prosperity, but the Environmental Protection Agency administrator failed to mention the apparent trade-off for consumers: dramatically higher electricity prices. In a speech promoting President Obama’s climate change agenda, Ms. McCarthy ignored the fact that New England states — which nearly a decade ago formed the nation’s first regional “cap and trade” system — are dealing with electricity rates more than 35 percent higher than the national average. She also...
  • Massachusetts Electric Rates Shoot Up 37 Percent

    09/26/2014 6:57:50 AM PDT · by ConservativeStatement · 56 replies
    AP ^ | September 26, 2014
    BOSTON (AP) — Many Massachusetts households are going to see their electric bills shoot up 37 percent this winter. State regulators have approved a 37 percent increase for National Grid household customers that would mean an average of $33 per month more for the typical residential customer. Large business customers will see even higher increases.
  • EPA Proposed Regulations to Shut Down Coal-Fired Power Plants

    09/09/2014 8:42:16 AM PDT · by walford · 52 replies
    Jim's Blog ^ | Jun 5, 2014 | Rep. Jim Bridenstine (R) Okla
    On Monday (Jun 2), the Obama Administration took a major step toward shutting down the US coal industry, a stated goal from his presidential campaign. The Environmental Protection Agency proposed sweeping new regulations to limit so-called “greenhouse gas” emissions from existing coal-fired power plants. These regulations would make coal-powered electrical generation in the US uneconomical. Under this plan, “electricity rates would necessarily skyrocket” as the President promised in his 2008 campaign. To what gain? The Wall Street Journal reported, “Based on the EPA's own carbon accounting, shutting down every coal-fired power plant tomorrow and replacing them with zero-carbon sources would...
  • The Fed-Induced Demise Of The American Dream (In 1 Simple Chart)

    06/10/2014 12:53:20 PM PDT · by PoloSec · 10 replies
    Zero Hedge ^ | June 10 2014 | Tyler Durden
    Thanks to free and abundant credit to those at the front of the line, home prices have soared in the last few years as "smart" hedge fund managers have bought homes-to-rent in a yield-grab with both hands and feet. This - as we have noted numerous times - priced out the 'real' buyer; who this time, instead of being driven by a "fear of missing out", would rather not play (only to be left holding the bag). Another unintended consequence courtesy of The Fed's "main-street-helping" actions that has destroyed the American Dream for a declining middle class.  Fewer Americans think...
  • Obama's Sneaky, Deadly, Costly Car Tax

    08/29/2012 4:12:23 AM PDT · by Kaslin · 53 replies
    Townhall.com ^ | August 29, 2012 | Michelle Malkin
    While all eyes were on the Republican National Convention in Tampa and Hurricane Isaac on the Gulf Coast, the White House was quietly jacking up the price of automobiles and putting future drivers at risk. Yes, the same cast of fable-tellers who falsely accused GOP presidential nominee Mitt Romney of murdering a steelworker's cancer-stricken wife is now directly imposing a draconian environmental regulation that will cost untold American lives. On Tuesday, the administration announced that it had finalized "historic" new fuel efficiency standards. (Everything's "historic" with these narcissists, isn't it?) President Obama took a break from his historic fundraising drives...
  • Editorial: Gang Of Six Plan: A $3.1 Tril Tax Hike

    07/20/2011 5:38:26 PM PDT · by Kaslin · 39 replies
    IBD Editorials ^ | July 20, 2011 | Staff
    National Debt: No wonder President Obama has so heartily endorsed the "Gang of Six" deficit plan. Just like everything Obama has offered so far, it's short on details and long on tax hikes. Soon after the "Gang of Six" — a bipartisan group of senators that has been trying for months to put together a deficit reduction plan — issued its new proposal, President Obama praised it as "a very significant step" that represents "the potential for bipartisan consensus." What it really represents is Washington at its worst. The "plan" Obama was praising isn't a plan at all, but a...
  • Pro-Growth Plan From The Gang of Six

    07/20/2011 4:49:02 PM PDT · by Kaslin · 25 replies
    IBD Editorials ^ | July 20, 2011 | LAWRENCE KUDLOW
    There are a lot of known unknowns about the new "Gang of Six" budget proposal. But conservatives should hold back from trashing it. Why? There's a large, pro-growth tax-reform piece in the plan that would lower tax rates across-the-board. This is a stunning reversal of the Obama Democrats' soak-the-rich, class-warfare campaign. The best part of the Gang of Six plan is a reduction in the top personal tax rate from 35% to a range of 23% to 29%. For businesses, the rate would drop in the same manner. And the corporate tax would be territorial rather than global, thereby avoiding...
  • Gang of Six deficit plan. Read it here.

    07/20/2011 4:18:42 PM PDT · by Nachum · 12 replies
    Chicago Sun Times ^ | 7/20/11 | Lynn Sweet
    A BIPARTISAN PLAN TO REDUCE OUR NATION'S DEFICITS EXECUTIVE SUMMARY This bipartisan, comprehensive, and balanced plan consistent with the recommendations of the Bowles-Simpson fiscal commission that will: • Slash our nation's deficits by $3.7 trillion/$3.6 trillion over ten years under CBO's March 2011 baseline, or $4.65 trillion/$4.5 trillion under the original fiscal commission baseline (which used the President's 2011 budget request as the starting point for discretionary spending). • Stabilize our publicly-held debt by 2014. • Reduce our publicly-held debt to roughly 70% of our economy by 2021. • Impose unprecedented budget enforcement. A COMPREHENSIVE AND BALANCED PROPOSAL The plan...
  • Snow: Flow of illegals not an 'invasion'

    06/02/2006 4:51:13 PM PDT · by AmericaOne · 490 replies · 6,600+ views
    WorldNetDaily ^ | June 2, 2006 | Les Kinsolving
    Snow: Flow of illegals not an 'invasion' Spokesman says Article 4 of Constitution doesn't apply to border issue Saying Mexico is "not the enemy," presidential press secretary Tony Snow today rejected the characterization of the constant flow of illegal aliens over the U.S. border as an "invasion." At today's White House press briefing, WND asked the spokesman: "Article 4, Section 4 of the Constitution says, 'The United States shall guarantee to every state in the Union a republican form of government and shall protect each of them from foreign invasion.' My question is, does the president believe this foreign invasion...
  • The H-1B swindle

    10/29/2005 7:25:40 AM PDT · by vrwc0915 · 268 replies · 3,145+ views
    It appears there is hard evidence to prove that employers are using the H-1B visa program to hire cheap labor; that is, to pay lower wages than the national average for programming jobs. According to “The Bottom of the Pay Scale: Wages for H-1B Computer Programmers — F.Y. 2004,” a report by Programmers Guild board member John Miano, non-U.S. citizens working in the United States on an H-1B visa are paid “significantly less than their American counterparts.” How much less? “On average, applications for H-1B workers in computer occupations were for wages $13,000 less than Americans in the same occupation...
  • Google Founders on Hiring Trip to India

    10/14/2004 8:47:17 AM PDT · by Walkin Man · 189 replies · 1,668+ views
    myway news / AP ^ | Oct 13, 3:18 PM | S. SRINIVASAN
    Google Founders on Hiring Trip to India Oct 13, 3:18 PM (ET) By S. SRINIVASAN BANGALORE, India (AP) - Google Inc. (GOOG) founders Larry Page and Sergey Brin said Wednesday that some new features on the world's top search engine and other services will come from its research center in the southern Indian city of Bangalore, where they are on a hiring spree. "One approach we are taking is that Bangalore is where we run a mirror exactly of what we have in the United States in terms of development," Brin told reporters in Bangalore, the capital of Karnataka state....